300394.SZ TFC: optical module upstream components & CPO

Snapshot

Price

CNY 95

Mkt cap

CNY 52.0B

Revenue

CNY 3.2B

800G/1.6T attach mix

0.55

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

TFC Optical Leading optical module upstream passive/active components—800G/1.6T and CPO trends vs Zhongji/Eoptolink/Source Photonics. High GM, tight top-module ties—risk is customer CapEx swings.

Business

Model: optical passive/active components and packaging. Flagships: MUX/DEMUX, FA, isolators, optical engine attach. Edge: precision manufacturing, fast iteration, stickiness. Strategy: CPO engines, laser packaging, global capacity.

Value chain

Optical module upstream to Zhongji/Eoptolink; raw materials/equipment upstream. Concentrated top-module customers; risks: module price war pass-through, CPO vs pluggable, FX.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 95	300394.SZ · 以包内 kpi_snapshot 时点为准

Valuation · ~3y

Interactive chart available in the reader.

High-PE optical component growth name—highly sensitive to AI DC optical CapEx.

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return; reconstructed from public market data):

Valuation · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.; market data reconstruction):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	见最新披露	以 OCF 与负债率为准
经营现金流	见中报 / 季报	与净利润匹配度
资产负债率	见最新资产负债表	有息负债 vs 现金
流动性	见流动比率	货币资金与短债
审计意见	无保留（常规预期）	半年报未经审计

Financial health (§A.7)

Overall: healthy—high GM, strong cash flow, low debt—watch expansion CapEx.

Operations

Volume: component shipments and 800G mix; price: ASP; cost: materials, yield, automation CapEx.

Key financial points

Key financial points

Item	Value	YoY	Note
FY2024 营收	约 32 亿	+67%	AI 光需求
毛利率	约 53%	高位	精密制造
800G 配套	占比提升	结构升级	核心驱动
CPO	布局中	长期选项	技术风险

Competition

Market share vs peers (illustrative estimate):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer strengths/weaknesses:

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
天孚	光器件	53%	精密+粘性	客户集中
中际旭创	光模块	33%	规模	下游
新易盛	光模块	30%+	海外	下游
源杰	光芯片	45%	激光器	上游芯片

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
董事长	邹支农	长期	创始人稳定
总经理	经营团队	在任	无重大变动
CFO	财务负责人	在任	披露规范

Stability: Stable founder team; focused on optical components; mature global footprint.

Outlook

Track 800G/1.6T attach, CPO samples, margins, top module maker CapEx.

Scenarios

Risks

Tracking list

Verify on next interim/annual report:

1. 800G/1.6T attach revenue mix still rising
2. Gross margin holding ~50%+
3. CPO optical engine mass-production timeline
4. Top module maker CapEx/order guidance shifts
5. Overseas capacity utilization

References

Issuer / key sources:

• https://www.tfcsz.com/
• https://www.szse.cn/

1. Latest company filings / IR (see issuer website)
2. SSE / SZSE filings — https://www.sse.com.cn/ · https://www.szse.cn/
3. Related: CPU industry H2 2026 · ISA landscape · wiki-links in body

Not investment advice; defer to latest company filings.